State of Michigan Retirement System Acquires Shares of 200,000 Novo Nordisk A/S (NYSE:NVO)

State of Michigan Retirement System bought a new stake in shares of Novo Nordisk A/S (NYSE:NVO) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 200,000 shares of the company’s stock, valued at approximately $25,680,000.

Other institutional investors have also modified their holdings of the company. Pacific Center for Financial Services raised its position in Novo Nordisk A/S by 100.0% during the third quarter. Pacific Center for Financial Services now owns 270 shares of the company’s stock valued at $25,000 after acquiring an additional 135 shares in the last quarter. First PREMIER Bank acquired a new position in shares of Novo Nordisk A/S in the 1st quarter valued at $25,000. CNB Bank purchased a new stake in Novo Nordisk A/S during the fourth quarter worth $26,000. West Paces Advisors Inc. increased its holdings in Novo Nordisk A/S by 100.0% in the third quarter. West Paces Advisors Inc. now owns 300 shares of the company’s stock valued at $27,000 after buying an additional 150 shares in the last quarter. Finally, Valued Wealth Advisors LLC acquired a new position in shares of Novo Nordisk A/S in the fourth quarter worth about $28,000. Hedge funds and other institutional investors own 11.54% of the company’s stock.

Novo Nordisk A/S Trading Down 1.7 %

Shares of Novo Nordisk A/S stock opened at $143.00 on Wednesday. Novo Nordisk A/S has a 1-year low of $75.56 and a 1-year high of $148.15. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.70 and a quick ratio of 0.50. The stock has a market cap of $641.72 billion, a P/E ratio of 49.31, a P/E/G ratio of 1.42 and a beta of 0.41. The stock’s 50 day simple moving average is $135.40 and its 200-day simple moving average is $124.04.

Novo Nordisk A/S (NYSE:NVO) last issued its earnings results on Thursday, May 2nd. The company reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. Novo Nordisk A/S had a return on equity of 91.70% and a net margin of 36.56%. The business had revenue of $9.52 billion during the quarter, compared to the consensus estimate of $9.23 billion. Analysts predict that Novo Nordisk A/S will post 3.41 EPS for the current fiscal year.

Wall Street Analyst Weigh In

NVO has been the subject of several recent analyst reports. BMO Capital Markets restated an “outperform” rating and issued a $163.00 price target on shares of Novo Nordisk A/S in a research note on Tuesday, June 25th. Argus boosted their price objective on Novo Nordisk A/S from $125.00 to $160.00 and gave the company a “buy” rating in a research report on Monday, June 10th. The Goldman Sachs Group assumed coverage on Novo Nordisk A/S in a research note on Thursday, May 30th. They set a “buy” rating and a $156.00 target price for the company. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $160.00 price target on shares of Novo Nordisk A/S in a research note on Monday. Two equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $145.67.

Novo Nordisk A/S Profile

Novo Nordisk A/S, together with its subsidiaries, engages in the research and development, manufacture, and distribution of pharmaceutical products in Europe, the Middle East, Africa, Mainland China, Hong Kong, Taiwan, North America, and internationally. It operates in two segments, Diabetes and Obesity Care, and Rare Disease.